A widely followed crypto strategist says that Bitcoin (BTC) could take off next month as a result of one catalyst.
The anonymous host of InvestAnswers tells his 443,000 YouTube subscribers that a historical bull signal is on the verge of occurring again.
According to the trader, when Bitcoin’s realized price (RP) crosses above the long-term holder realized price (LTH RP), the crypto king tends to fly.
The RP is the value of all BTC at the price they were bought, divided by the number of coins in circulation. The LTH RP is the average on-chain acquisition price for coins held outside exchange reserves and that have not moved in the past 155 days.
Says the trader,
“There is a Bitcoin catalyst that many people are talking about right now and this is the history. If you look at the [Glassnode] chart here … Now the blue line represents the long-term holder realized price, and the yellow [line] is the Bitcoin realized price. And the reason this is a catalyst is for the realized price to get above the long-term holder realized price, and this is about a $600 difference now, each time this happens, each time the flipping occurs, i.e. the blue gets above the yellow, it typically results in a big rally.”
According to the trader, the last two times the flip occurred was also in the month of June, which increases the chances it will occur next month.
“Now, the other really interesting thing about this is this always happens in June, with the exception of 2012 when Bitcoin was very new. It happened in August 2012.
It happened in June 2016. It happened in June 2019. And, will it happen in June 2023? That is an interesting thing to note. If so, there is a rally afterwards, ladies and gentlemen. Of course, there’s that little spike. Remember 2020? People say, ‘Oh but it can dip after.’ Well, that dip was because of (Covid-19)…
In all other parts of history, it’s just up from there. So watch that long-term holder realized price, if it can cross the Bitcoin realized price. Remember we’re so close right now. That could be an exciting thing. And that’s why I titled the video today, ‘The Next Bitcoin Catalyst.’ Rocketship now.
A lot of people say, ‘Sell in May, go away.’ When you look at this happening in June, if this happens, that would be a mistake to sell in May and go away or to be short Bitcoin.”
Bitcoin is trading for $27,363 at time of writing, up 1.05% in the last 24 hours.
I
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: Midjourney
